Wrong, wrong, wrong! In SEC vs. Texas Gulf Sulfur Co., those who had access to information not available to the general public and who used it to their advantage were seen to be insiders. [1]
In United States vs Carpenter, the judge stated that "It is well established, as a general proposition, that a person who acquires special knowledge or information by virtue of a confidential or fiduciary relationship with another is not free to exploit that knowledge or information for his own personal benefit but must account to his principal for any profits derived therefrom." [2]
1. http://www.casebriefs.com/blog/law/corporations/corporations...
2. http://en.wikipedia.org/wiki/Insider_trading#Court_decisions